The Arizona Revised Statutes have been updated to include the revised sections from the 54th Legislature, 2nd Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 55th Legislature, 1st Regular Session, which convenes in January 2021.
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
A. To the extent applicable, a licensee shall comply with the disclosure requirements of the truth in lending act.
B. Each note or agreement evidencing a consumer lender loan shall contain the following disclosure statement in at least ten point type that is in English and in Spanish and in close proximity to the consumer's signature line:
Notice: You may request that the initial disclosures prescribed in the truth in lending act (15 United States Code sections 1601 through 1666j) be provided in Spanish before signing any loan documents.
C. A licensee shall continuously and conspicuously display a sign printed in at least twelve point bold type containing the notice prescribed by subsection B and the following notice at each desk in each licensed office or branch office at which consumer lender loans are usually and normally closed:
Before signing any loan documents or otherwise committing to a loan, you may take copies of those documents away from the consumer lender's place of business for review.
D. A licensee shall give to the consumer a receipt or another written record of the amount of any payment made in currency on any consumer lender loan, either at the time the payment is made or within ten days after the payment is made, or the licensee may reflect the payment on the periodic statement sent to the consumer for the billing period that includes the date of that payment.
E. A licensee shall mail periodic statements for consumer revolving loans and home equity revolving loans to the consumer within fourteen days after the end of each monthly billing cycle period. A billing cycle period is considered monthly if the closing date of the billing cycle period is the same day each month or does not vary by more than four days from that day.
F. If the licensee fails to make the disclosure statement prescribed in subsection B, the superintendent shall assess the licensee a one-time penalty of up to three hundred dollars for every violation.